Marketing Chapter 17
Marketing Chapter 17 MAR 250
Popular in Principles of Marketing (20335)
Popular in Marketing
verified elite notetaker
This 2 page Class Notes was uploaded by Melanie Guerrero on Saturday April 23, 2016. The Class Notes belongs to MAR 250 at Pace University taught by Harvey Markowitz in Winter 2016. Since its upload, it has received 10 views. For similar materials see Principles of Marketing (20335) in Marketing at Pace University.
Reviews for Marketing Chapter 17
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 04/23/16
Chapter 17 Advertising – includes expenses associated with transportation any paid form of nonpersonal communication about an organization, product, service, or idea by an unidentified sponsor All-you-can-afford budgeting – in which money is allocated to promotion only after all other budgeting items are covered Channel of communication – such as a salesperson, advertising media, or public relations tool Communication – Competitive party budgeting – matching the competitor’s absolute level of spending or the proportion per point of market share Decoding – the reverse or the process of having the receiver take a set of symbols, the message, and transform the symbols into an idea Direct marketing – uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet Direct orders – the result of offers that contain all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction Encoding – the process of having the sender transform an idea into symbols Feedback – the senders interpretation of the response and indicates whether the message was decoded and understood as intended Field of experience – similar understanding and knowledge they apply to the message Hierarchy of effects – stages are: Awareness, interest, evaluation, trial and adoption Integrated marketing communications (IMC) – concept of designing marketing communication programs that coordinate all promotional activities-advertising, personal selling sales promotion, public relations and direct marketing- to provide consistent message across all audiences Lead generation – the result of an offer designed to generation interest in a product or service and a request for additional information Message – information sent by a source such as description of a new smartphone Noise – extraneous factors that can work against effective communication by distorting a message or the feedback received Objective and task budgeting – whereby the company 1. Determines its promotion objectives 2. Outlines the tasks it will undertake to accomplish those objectives and 3. Determines the promotion cost of performing those tasks Percentage of sales budgeting – funds that are allocated to promotion as a percentage of past or anticipated sales, in terms or either dollars or units sold Personal selling – the two-way flow of communication between buyer and seller designed to influence a person’s or group’s purchase decision Promotional mix – Public relations – a form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services Publicity – nonpersonal, indirectly paid presentation of an organization, product, or service Pull strategy – directing its promotional mix at ultimate consumers to encourage them to ask the retailer for a product Push strategy – directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product Receivers – consumers who read, hear, or see the message Response – the impact the message had on the receivers’ knowledge, attitudes, or behaviors Sales promotion – a short-term inducement of value offered to arouse interest in buying a product or service Source – may be a company or person who has information to convey Traffic generation – the outcome of an offer designed to motivate people to visit a business